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This paper examines trends in household consumption and saving behaviour in each of the last three recessions in the UK. We identify several dimensions along which the most recent recession (the so-called 'Great Recession') has been different from those that occurred in the 1980s and 1990s....
Persistent link: https://www.econbiz.de/10009315614
precautionary saving and a shift toward safer assets in the years leading up to unemployment, and depletion of savings during … private savings can to some extent serve as a substitute for publicly provided unemployment insurance. -- unemployment … unemployment. This suggests that at least some households can foresee and prepare for upcoming unemployment, which indicates that …
Persistent link: https://www.econbiz.de/10009504553
Economic inequality has been a matter of concern for policy makers and citizens. Evidence-based policies around important topics such as inequality need to rely on systematic, robust data and indicators. For that reason, the OECD and Eurostat have developed methodology and engaged in several...
Persistent link: https://www.econbiz.de/10012630234
Matched transaction-level, credit-registry, and survey-based data reveal that consumers on average form excessively high (low) income expectations relative to ex-post realizations after unexpected positive (negative) income shocks. These extrapolative income expectations lead consumers to...
Persistent link: https://www.econbiz.de/10014635678
Persistent link: https://www.econbiz.de/10003981343
Persistent link: https://www.econbiz.de/10011817959
This paper studies how and why households adjust their spending, saving, and borrowing in response to transitory income shocks. We leverage new large-scale survey data to first quantitatively assess households' intertemporal marginal propensities to consume (MPCs) and deleverage (MPDs) (the...
Persistent link: https://www.econbiz.de/10014512045
This paper provides an overview of the work of the Expert Group on the Joint Distribution of Income, Consumption and Wealth at Micro Level (EG ICW) set up by Eurostat and the OECD. It discusses the challenges of producing joint income, consumption and wealth estimates, assesses their quality,...
Persistent link: https://www.econbiz.de/10014278851
Recent empirical studies document that the distribution of earnings changes displays substantial deviations from lognormality: in particular, earnings changes are negatively skewed with extremely high kurtosis (long and thick tails), and these non-Gaussian features vary substantially both over...
Persistent link: https://www.econbiz.de/10014528338
This paper explores the determinants of the level of, and trends over time in, Japan's household saving rate, with … finds that Japan's household saving rate has not always been high either absolutely or relative to other countries and that … it was only during the 1961-86 period that it exceeded 15%. Past and future trends in Japan's household saving rate can …
Persistent link: https://www.econbiz.de/10015145132